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Federal Cabinet approves tax amnesty scheme

Federal Cabinet approves tax amnesty scheme

ISLAMABAD: Prime Minister Imran Khan is chairing the Federal Cabinet meeting on Tuesday during which the tax amnesty scheme has been approved.

According to sources, the amnesty scheme recommends the following:

  • 5 per cent tax on individuals declaring assets by June 30, 2019
  • 10 per cent tax on individuals declaring assets by September 30, 2019
  • 20 per cent tax on individuals declaring assets by December 31, 2019
  • Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad
  • Recommendation for tax amnesty scheme for real estate sector
  • 1 per cent tax on those declaring property by June 30, 2019
  • 2 per cent tax on those declaring property by September 30, 2019
  • 4 per cent tax on those declaring property by December 31, 2019
  • The scheme will also be applicable on benami accounts
  • 3 per cent tax on undeclared sales
  • The scheme cannot be availed by individuals holding government positions after 2000
  • The scheme will not be applicable on cases being heard in court

The cabinet is also expected to be briefed on proposed measures to control prices of essential commodities amid rising inflation. It is also expected to discuss the $6 billion bailout package agreed upon with the International Monetary Fund.

Furthermore, the cabinet is likely to approve a counsellor policy for the assistance of imprisoned Pakistanis and appointment of judges in special courts of Karachi and Quetta, among other matters.

A day ago, newly appointed chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi said the government’s focus was to enhance direct tax net to improve the economy.

He said he would try to make changes in the tax collection system, adding that data from non-filers would be collected to include them into the tax net.